Driving 20 miles to get to a fitness facility can be a hassle. Automating tasks like keeping fitness equipment next to the front door or adjusting our diet can make things easier. Automation plays a big role in eliminating friction and the status quo bias. It saves energy and makes it easier to stick to goals we feel passionate about. By capitalizing on automation, we can create a clear vision and save for the future without constantly exerting effort to maintain changes.
Dr. Charles and Dr. Brad open the show discussing how clients know what to do for the most part...but still don't do it (they even cite some interesting research related to prostitutes and health education!). They then discuss how advisors can help their client's make better decisions that are consistent with their short and long-term financial goals.